Certified Distressed Property Specialist

By
Real Estate Agent with Marie Avery/RE/MAX Alliance Group

I took the courses and after passing the test I received my CDPE (Certified Distressed Property Specialist) designation. 

What does this mean?  I have been selling short sale properties since 2007. I have been successful in closing after what proves to be an arduous process. It takes a lot oftenacity to set up the paperwork that the bank require. To do the continuous follow-up week after week.  You have to be committed to getting the job and helping the people that so desperately need your help.

In the class, I learned about the negative impact that foreclosure can have someone. It will impact your credit terribly and could have lifelong consequences as they can continue to go after the debt. If you are in a security position such as a policeman for example it can hurt your chance of moving up in security clearance.

The best option if you become a distressed property owner is to try to short sale. The best advice is to chose a REALTOR who has the experience and commitment to see it through.

I was at a recent short sale closing.  The title agent said they didn't know whether they should do the congratulatory comment that is usually done at closings.  I assured them that, yes, they should.  The sellers are usually very happy to be out from under such an emotional and financial burden. 

I had the experience but the designation gave me some additional tools to give my customers the best service possible.

Marie Avery

RE/MAX Alliance Group

Posted by

Marie Avery

WCR, CDPE, CIPS, CLHMS, CRS, GRI, e-Pro, PMN, TRC                                                                                                                                     

Avery-Ayers & Associates RE/MAX Alliance Group Bradenton / Sarasota, Florida  941-725-0911                                                                                             

Marie@AveryAndAyers.com  www.BradentonRealEstate.com   Blog: www.AveryAndAyers.com                                                                                                        

I appreciate your referrals! Servicing your Real Estate needs in Florida, in Manatee County, serving Bradenton, Palmetto, Ellenton, Parrish, Lakewood Ranch and north Sarasota.

Comments (8)

Maria Cutrona
HOWARD HANNA REAL ESTATE - Canfield, OH
ASP

Marie:  I'm sure the designation does help, but no one knows how to do the short sale until they recently do it... I will look into the designation, I also do the REO/Bank owned foreclosures and yes they too are a lot of work.  But at the end it pays off...

 

Good look luck with short sales!  I'm working on one now and it has been 4 weeks.  :( 

Banks seem to be taking longer than before....

 

Regards,

Maria Cutrona

RE/MAX VALLEY REAL ESTATE

BOARDMAN, OHIO

May 27, 2009 02:36 PM
Marie Avery
Marie Avery/RE/MAX Alliance Group - Bradenton, FL
Bradenton Real Estate

It's interesting that with all the short sale closings that I have done, that there doesn't seem to be any consistancy among banks or even among negotiators within the same bank.  Some have taken as short as 2 weeks to get the approval letter and others as long as 6 months.

May 27, 2009 03:15 PM
Laura Gray
RE/MAX Realty Group - Gaithersburg, MD

Marie - Congratulations on earning your CDPE. Many homeowners will think you  have a "Silver" bullet in your toolbox !

May 28, 2009 10:51 AM
Marie Avery
Marie Avery/RE/MAX Alliance Group - Bradenton, FL
Bradenton Real Estate

Thank you.  Yes, I think that when you are respresenting the public you should be as knowledgable as possible. And even with alot of "street" experience, you can always pick up some useful tools from those more expert than oneself.

May 28, 2009 11:11 AM
Marie Avery
Marie Avery/RE/MAX Alliance Group - Bradenton, FL
Bradenton Real Estate

The key to a successful short sale is having all your paperwork correct.  NAR is trying to standardize the forms that all the banks will use but until then you need to contact each bank and find out which documents they need. Then make sure you get all the forms before you send anything in. If something is missing they will simply set the file aside. This wastes alot of time. And time is what kills most short sale contracts, they simply expire.

May 29, 2009 01:10 AM
Mike & Kathleen Kelly
HICKORY REAL ESTATE GROUP - Hickory, NC
Hickory NC REALTORS

I have done several short sale transactions in the past three years.

My broker in charge actually just asked me to get the designation.  I am trying to weigh the pros and cons. 

May 29, 2009 04:15 AM
Marie Avery
Marie Avery/RE/MAX Alliance Group - Bradenton, FL
Bradenton Real Estate

Pros: They show you uniform documents that you can adapt to your paperwork (with your broker's permission) They tell you about other agent's experiences and solutions, which is always helpful.  I've closed about 15 short sales but still got some new tools that I can use.

Cons: Time away from the streets (always an inconvenience). Some repetiveness, since you have already done short sales.

Overall, I still think it was worth it.

May 29, 2009 04:59 AM
Marie Avery
Marie Avery/RE/MAX Alliance Group - Bradenton, FL
Bradenton Real Estate

Even though with all the education there is still no getting over the frustrations someimes involved with a short sale. We are in what was designated a declining market. Yet, the lenders take so long to give us a decision that the buyers walk from an expired contract.  Then the values have dropped and they can't get the high price that they could have acheived if they would have accepted the first offer in a timely matter.  NAR is talking about stardardizing the forms and the process so that it won't take so long. That would be wonderful.  I have had written lender approval as quickly as 2 weeks and as long as over 6 months. No consistency.

I have the patience and tenacity to stick with it. Having the knowledge and the experience helps greatly when working with clients.

Jun 03, 2009 06:25 AM